Samsung Invests in Startale Labs Amid Web3 Expansion

Samsung Next, the investment branch of Samsung, has made headlines by investing in Startale Labs, a leading Web3 company.

This move is drawing attention due to Startale Labs’ recent collaboration with Sony to develop Soneium, a Layer 2 blockchain solution.

On September 3, Samsung Next announced its backing of Startale Labs, which is known for advancing Web3 technology. The company is focused on improving tools like the Astar Network and Soneium, which are designed to facilitate the creation and deployment of decentralized applications (dApps) while addressing issues like high entry costs and technical barriers.

Startale Labs responded positively to the investment, emphasizing their commitment to expanding Web3 access and hinting at upcoming innovations.

Despite the investment news, shares of both Sony and Samsung Electronics experienced declines. Sony’s stock fell by 2.13% to $95.48, and Samsung’s dropped 3% to 70,300 KRW. This downturn is attributed to broader market issues, including regulatory actions against Nvidia by the U.S. Department of Justice and potential interest rate hikes by the Bank of Japan.

The DOJ’s investigation into Nvidia has led to a market decline, with the SP 500 and Nvidia’s stock both suffering significant losses. Additionally, the anticipated interest rate increase from the Bank of Japan is adding to market volatility.